Langmeier & Co. is preparing an insolvency petition against Michal Mička's C2H investment group. In recent weeks, several dozen creditors of the group who hold overdue C2H bonds have contacted the law firm of Jan Langmeier.
Kara Trutnov and Pietro Filipi are the most visible, but certainly not the only companies in the C2H group that are teetering on the precipice. These two garment companies have already gone into insolvency, but according to our analysis and the information we have received from our clients, the entire C2H group should have gone into insolvency long ago. "The fact that Mr. Mička himself has not yet filed for insolvency proceedings, not only for C2H but also for other companies, is astonishing. My clients and I personally have run out of patience, and if he is not going to do it himself, we will."
Jan Langmeier, a lawyer and insolvency administrator with a special permit, compares the development of C2H to the development and fall of the financial group Arca. "It's an order of magnitude smaller fall than Arca, but the system and the development is very similar. In the last few years, Mr. Michal Mička behaved, with excuse me, like a man who was off the chain, issuing bonds worth hundreds of millions of crowns and with no regard for the possible consequences of his actions. As with Arca, it is not true that if it had not been for the coronavirus crisis, C2H would have made it. It would have taken a few months, maybe even years longer, but it still would have ended in ruin," says Jan Langmeier.
"The data on C2H's indebtedness and insolvency before the pandemic makes this clear. You simply can't build a huge empire just on the failure to issue bonds. This is not risky business or venture investing, this is suicide," adds the attorney who, among other things, represents Arca's creditors. He and his team recently labeled the latter a so-called black bank because it raised money from the public through bonds and promissory notes and made loans to companies in its own group. "What Michal Mička was running with his C2H group is actually very similar, if not the same. And here, too, I believe that there was a neglect of supervision by the Czech National Bank. It is the same problem where a huge group grew up without any control or regulation, which collected and lent money for so long that it went bankrupt."
JUDr. Jan Langmeier concludes by reflecting on the way Michal Mička is now appearing in the media: "I am left with the feeling that Mr Mička is not shy about giving interviews and appearing in the media from the position of someone who has been wronged. The pandemic and the ensuing measures have really hurt a lot of people. But the pandemic is not to blame for the way the C2H group turned out. It just accelerated the process. The real culprit is Mr. Mika's way of doing business, if it can be called business at all. Michal Mička is not the victim, it is the creditors and employees of his companies, over whom he now waves his hand with a calm face, saying that it didn't work."
Langmeier & Co., advokátní kancelář s.r.o.
JUDr. Jan Langmeier, attorney-at-law and insolvency administrator with special permission